Electronic insurance application fulfillment system and method

• US 20040172310A1
• Filed: 02/19/2003
• Published: 09/02/2004
• Est. Priority Date: 02/19/2003
• Status: Active Grant

• Current Assignee: iPipeline
• Original Assignee: Internet Pipeline Incorporated (Roper Technologies, Inc.)
• Inventors: Atlee, William, Carey, Shawn R.
• Granted Patent: US 7,689,444 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06F 40/174 Form filling; Merging
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A partially-automated system and method of generating insurance pre-applications that reduces data entry and processing errors. Rules-based software applications are used to generate insurance product options for insurance applicants. The fulfillment of each insurance application is outsourced to a service provider which reduces insurance broker involvement in the application process. A central control hub houses computer hardware and software for storing data and transmitting information between the hub and external workstations to facilitate monitoring and completion of each insurance application and placement of insurance policies. Insurance brokers may be partially or wholly reimbursed for the fee associated with each insurance pre-application.

Claims

1. A computerized method for preparing insurance applications comprising the steps of:

collecting preliminary information from an applicant;

generating one or more insurance product options based on said preliminary information utilizing a rules-based application;

selecting of one of said one or more products; and

merging said preliminary information and said selected product to create a pre-application.

2. The method of claim 1 wherein said pre-application is entered into a form displayed on a computer.

3. The method of claim 1 wherein said preliminary information includes said applicant'"'"'s age, state of residence, insurance amount, gender and health class.

4. The method of claim 1 wherein said rules-based application comprises software and a database, said database containing information regarding various offerings of insurance products and said software selecting one or more of said offerings from said database based on said preliminary information.

5. The method of claim 4 wherein said information regarding various offerings of insurance products comprises information about multiple insurance carriers, said information including forms and underwriting requirements, mortality costs and product information.

6. The method of claim 1 wherein said insurance product options are displayed on a computer and wherein said selection of one of said one or more products is facilitated by said computer.

7. The method of claim 1 wherein said insurance product options comprise original or replacement life insurance, health insurance, and long term care insurance products.

8. The method of claim 7 wherein said life insurance products comprise term life insurance products.

9. The method of claim 1 wherein said step of collecting said preliminary information is performed by an insurance broker and said step of generating one or more insurance product options is performed by said broker or by a party registered to use the method.

10. The method of claim 9 further comprising the step of submitting said pre-application to a service provider for conversion to an insurance application for said selected product provided by a particular insurance company using additional information collected from said applicant.

11. The method of claim 10 wherein said service provider is a call center that specializes in paramedic services.

12. The method of claim 10 further comprising the step of showing the status of said insurance application.

13. The method of claim 10 further comprising the step of submitting said insurance application to said particular insurance company for processing.

14. The method of claim 13 further comprising the step of preparing a payment invoice for the completion of said insurance application and delivering said invoice to a paying party wherein said paying party comprises said broker, an insurance general agent, or said particular insurance company.

15. The method of claim 1 further comprising verifying the availability of broker information.

16. The method of claim 15 wherein said broker information comprises broker licensing appointments, commission tracking numbers broker signatures, and broker background checks.

17. A method for preparing insurance applications comprising the steps of:

a) collecting preliminary information from an applicant;

b) generating one or more insurance product options based on said preliminary information utilizing a first rules-based software application;

c) verifying the availability of insurance broker information using a second rules-based software application;

d) selecting of one of said one or more products, and;

e) electronically merging said preliminary information and said selected product to create a pre-application.

18. The method of claim 17 wherein said steps a) through e) are carried out by an insurance broker that has subscribed to use the method.

19. The method of claim 17 wherein said step a) is carried out by an insurance broker who outsources steps b) through e) for completion by a service provider that has subscribed to use the method.

20. The method of claim 17 wherein said preliminary information includes said applicant'"'"'s age, state of residence, insurance amount, gender and health class.

21. The method of claim 17 wherein said insurance broker information comprises licensing appointments, commission tracking numbers, broker signatures, and broker background information.

22. The method of claim 18 or 19 further comprising launching said pre-application to a service provider that has subscribed to use the method using an insurance application order form, and monitoring the fulfillment of a resulting insurance application based on said order form.

23. The method of claim 22 wherein said steps of launching and monitoring are performed electronically from broker workstations.

24. The method of claim 22 further comprising the step of preparing a payment invoice for the completion of said application and delivering said invoice to a paying party wherein said paying party comprises said broker, an insurance general agent, or an insurance company.

25. The method of claim 24 further comprising reimbursement of a part or all of said payment invoice amount to said broker for the fulfillment of an insurance policy.

26. The method of claim 17 wherein said insurance product options comprise term life, health, or long-term care options.

27. A system for preparing insurance applications comprising:

software for collecting preliminary information from an applicant;

a database of insurance product options;

rules-based application software for matching said preliminary information with said insurance product options using a library of questions also contained in said database; and

a communications module to interface a central control hub with subscriber workstations to provide for information transfer and outsourcing to a service provider of insurance application fulfillment for said applicant.

28. The system of claim 27 wherein said subscriber is a broker, insurance company, or service provider.

29. The system of claim 27 wherein said insurance product options includes state specific insurance company application forms, descriptions of said forms, and codes for use in matching said preliminary information with said insurance offerings, wherein said forms comprise life, health, and long term care insurance forms.

30. The system of claim 27 further comprising software for data validation, insurance quote calculation, verification of subscriber information, third party communication, and management of data collected during said outsourcing, wherein said data management includes updating insurance policy application status in said central control hub.

31. The system of claim 27 wherein said database also houses subscriber information, applicant information, insurance policy application status information, and data collected during said outsourcing.

32. The system of claim 31 wherein said subscriber information includes business address information, at least one phone number, a scanned image of said subscriber'"'"'s signature, insurance licensing information, general agent contract information, and at least one credit card number.

33. The system of claim 31 wherein said applicant information includes personal information and insurance policy selection information, and wherein said personal information includes name, address, at least one telephone number, date of birth, and gender.

34. The system of claim 33 wherein said insurance policy selection information comprises a particular insurance policy form selected by said applicant, the type of said insurance, the face amount of said insurance policy, and at least one beneficiary designation.

35. The system of claim 34 wherein said type of insurance is life, health or long-term care insurance.

36. The system of claim 34 wherein said insurance policy form is a replacement insurance policy form.

37. The system of claim 31 wherein said insurance policy application status information comprises information received by said central control hub regarding the status of said insurance application including the date said insurance application status is updated, a description of how the status has changed, and notes associated with each status update.

38. The system of claim 27 wherein said service provider is a call center specializing in paramedic services.

39. A system for outsourcing insurance policy application fulfillment comprising a control hub that comprises computer software and hardware, said computer software and hardware comprising:

a processing module comprising software programs for;

retrieving and processing data relating to insurance application transaction data, matching insurance applicant information with insurance application form requirements, verifying the availability of insurance broker information, and displaying said insurance policy applications and their status to subscribing parties;

a communications module for providing the exchange of data and information across said software programs and between subscribing parties and said control hub; and

a memory module for housing said insurance application transaction data, said software programs, and a database management system for storing information comprising subscriber and applicant information.

40. The system of claim 39 wherein said insurance application transaction data comprises said applicant information, insurance company forms and related rules, status updates for processing of said insurance applications, and data collected by service providers during completion of said insurance policy application fulfillment.

41. The system of claim 39 wherein said subscribing parties comprise brokers, insurance companies or service providers that have paid a one time fee or per transaction subscription fee for processing insurance policy applications.

42. The system of claim 39 wherein said insurance broker information comprises broker licensing and appointment information, commission tracking numbers, insurance general agent contracts, and broker signatures.

43. The system of claim 39 further comprising software for generating an invoice for the completion of each insurance policy application that is fulfilled by an insurance company, and delivering said invoice to a reimbursing party for partial or complete reimbursement to a subscribing party of said one time fee or per transaction subscription fee.

44. The system of claim 43 wherein said reimbursing party is an insurance general agent or insurance company.